Moscow. October 28. Oil prices are rising on Wednesday after falling in the previous three sessions on a strong reduction of stocks of oil at the terminal in Cushing, reports Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange for 14:51 Moscow time has risen in price by $0.37 (0,79%) to $47,18 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0.32 (0,74%) – to $43,52 per barrel
Over the previous three sessions the price of WTI fell by 4.8%, to a minimum of two months.
According to the American petroleum Institute (API), the oil terminal in Cushing, where oil traded on NYMEX, last week declined to 748 thousand barrels, while distillate stocks fell by 2.6 million barrels.
API receives information from operators of refineries, storage tanks and pipelines on a voluntary basis.
Official data on stocks of energy carriers in the USA will be published by the Department of energy on Wednesday at 17:30 Moscow time.
According to the forecasts of analysts surveyed by Bloomberg, the oil reserves in the U.S. last week increased by 3.5 million barrels. API reported an increase of inventories by 4.1 million barrels.
“Perhaps, some support to the oil market have provided data on the reduction of stocks in Cushing, as well as further decline in reserves of oil products, – says analyst of UBS Group Giovanni Taunovo. – However, the rest of the data API in line with expectations, so everything is still waiting for official Department of energy data”.
Meanwhile, chief financial officer BP Brian Gilvary said Tuesday that the company does not expect a recovery in oil prices until the end of 2016. According to him, BP has set up its business in such a way as to generate positive cash flow with oil prices at $60 per barrel by 2017.